What is DNotes?
The first five years after the launch of Bitcoin were characterized by intensive cryptographic and blockchain technology related explorations.
However, the bulk of these explorations was pegged on helping to advance the preceding networks. One of the digital coins created early in 2014 was DNotes.
DNotes was designed to narrow the gap between fiat and digital coins
This is an open source and decentralized currency that targets helping narrow the gap between digital coins and fiat currencies. This means ensuring that more people can use the coin in their lifestyle.
DNotes was designed by Alan Young who raised early concerns that the initial blockchain networks were getting overwhelmed. Therefore, he targeted creating a platform that is more versatile and powerful compared to fiat currencies.
The target was to craft a reliable digital currency that was completely free from manipulation of centralized organizations such as central banks and political administrations. This was achieved by decentralizing the platform and empowering the nodes to make decisions about governance.
The price history of DNotes
After introduction into the market in early March 2014, the price of DNotes was $0.00067. Then, it grew by about 1500% to hit $0.01 in December 2014. The price remained within the range of $0.002 and $0.014 between January 2015 and April 2017.
Starting from May 2017, the price rose steadily and hit the highest mark of $0.27 on June 11th, 2017. In the subsequent months, the price shot down reaching a low of $0.012 in November 23rd, 2017 before rising again to reach $0.13 on January 10th, 2018. Another peak of $0.11 was reached in June 2018 before the price went further down to $0.02 by the close of the third quarter of 2018.
The shifting price is a reflection of the fast-shifting market forces and the high volatility of most cryptocurrencies.
It is also used to indicate the high potential of the coin whose value could explode to rival other top coins in the market.
What is the problem that DNotes Solves?
- The security risk of centralized financial services
The conventional services that are offered in a centralized manner are open to security risks. Because the resources are pooled together, they are an easy target for both offline and online attacks.
Whether it is funds stored in a bank or an online service such as credit cards, the risk of getting attacked is very high. Credit card fraudsters can perpetrate this or effect as an inside job. If a financial institution such as a bank with your funds goes bankrupt, the fund funds could get lost.
- The high cost of sending value across the globe
Because most of the financial institutions are profit based, they fix the transaction fee for sending funds to optimize returns. But this is not all. The transactions also take long before they can be effected. In some cases, wire transfers can take up to four days as the banks review the details of the sender and recipient.
- The danger of manipulation of financial services
If you are using centralized financial services such as banks, there is a serious risk of currency manipulation. The banking sector and political administration respond to market forces by printing more currency or mopping it from the market to control inflation.
But this manipulation has become a political tool for countries to maintain a competitive edge in the market. Therefore, you cannot be sure whether the value of the funds saved in a bank is manipulated or not. DNotes targets to eliminate this threat by ensuring that the coin is only subject to the market forces of demand and supply.
- Lack of privacy in the financial sector
One of the major concerns for people using conventional financial services is that they are not private. Your account balance, its history, and personal information are known to cashiers, bank management, and even the country’s leadership.
If a court battle hauls itself to your doorstep, there is a risk of having the account frozen. DNotes targeted to create a system that would be completely free from third party seizures. Nobody, including the courts, can know about your savings in the system.
How does DNotes solve the problem?
To address the above problems noted in the industry, DNotes opted for a number of strategies. Note that these solutions are not simply targeted at solving the issues. Instead, they are also aimed at positioning the platform to outdo competitors in the market.
- Blockchain technology
This is the main strategy used by the DNotes founders to address the issues mentioned above. The DNotes is a decentralized platform which implies that there is no centralized control for policies or fiscal management. Instead, the network comprises of a global network of nodes that run all operations of the platform including governance.
The globally spread network of nodes implies that there is no single point of failure. Besides, there is no danger of manipulation because the network of nodes has to agree on every aspect of the network. The development team of the DNotes network progressively works on new methods of improving the platform.
- A unique business model
To make people using the DNotes platform have a greater sense of ownership, the coin represents 25% of the parent company that created the network. This association is very vital in raising the value of the token. It is also part of the primary reasons making the demand and value of DNotes to take an upward trend.
- Simple onboarding model
To increase the uptake of cryptocurrencies and encourage people to use it in their daily lives, DNotes has a very simplified onboarding model. Whether you have a PC or a smartphone, only a single download from their website is needed to access the platform.
This means that you can follow the native coin’s performance on the home PC and even when away on the phone.
For those interested in mining the network, they can either do it by setting own rigs or joining a pool. The pools are considered more effective because they combine the mining power to raise the chances of confirming more blocks.
What makes DNotes better than it’s competitors?
Between 2009 and 2018, more than 1500 cryptocurrencies had entered the market. While the primary goal of most networks is advancing the blockchain technology, the competition has been edging higher because most of them offer similar services. Here are some of the main reasons that make DNotes better than its competitors.
- The DNotes platform has a narrower mandate that makes it easy for developers to focus and deliver better services. Unlike Ethereum or XYTRABYTES that target to extend their mandate by support development of decentralized applications, the DNotes focus is to only act as a decentralized coin for sending value.
Even though the narrower mandate is credited with the ability to make a network grow and become successful like Bitcoin, it is also a major demerit. Today, people are not simply interested in sending value only. Therefore, those who want additional services such as search/ development of decentralized applications will be forced to go to other networks.
- Though the price of DNotes has not grown explosively like that of Bitcoin or Bitcoin Cash, it is still performing well. For example, the average price of DNotes in the third quarter of 2018 was more than 5000% the opening price in 2014. This implies that those who bought the coins in 2014 are enjoying 5000% growth of their investment.
- The DNotes has been in the market for more than three years. This is taken to mean that the platform is stable and more reliable when compared to newer and emerging platforms. New platforms require about three to five years for their systems to be proven stable and reliable.
- Saving and investing without worrying about third-party seizures. The decentralized nature of DNotes allows users to buy the native coins and store value by holding them. Unlike the centralized banks where your account and transaction details are known by people such as cashiers and bank management, DNotes system is fully encrypted.
The encryption and focus on anonymity imply that no person on the platform or away can easily know your details. Even the miners on the network can only follow back to check the balance on the public address as opposed to the personal details.
- The platform is completely decentralized and operates through a network of nodes. This implies that there is no single point of failure the way it happens with banks and other financial services. This method has been very important in lowering the transaction charges because the profit-seeking organizations have already been bypassed.
- The DNotes provides a mobile version that allows users to remain in touch with the platform even on the go. This means that you can access the DNotes platform, send value, receive the coins, and manage your account with ease.
How can DNotes be categorized?
DNotes is a completely decentralized platform designed to help bridge the gap between the fiat and digital coins. The platform comprises of nodes spread in the globe to help secure the network and support its improvement. As a decentralized system, users are sure of sending value and investing their funds in total anonymity.
What is DNotes’s vision on Security?
The DNotes’s vision on security is becoming a completely decentralized and secure platform that can help the blockchain platform to move the next level. The main strategies used to achieve this goal include full decentralization, encryption and regular security review by the development team.
Examples of DNotes’s use cases/ applications.
In their white paper, the DNotes development team targeted to help close the gap between fiat and digital currencies. This is manifested through the following use cases:
- Using DNotes to pay for goods and services in the stores.
One primary goal of DNotes was to make it a reliable method of payment for goods and services. The development team has been working extra hard to make the native coin accepted for paying goods and services in the market. You only need to identify the store that accepts the coins to make payment with the coin.
Even if only a different coin is supported, it is still possible to purchase by first converting to the supported coin using cryptocurrency exchanges such as Poloniex and Binance. Note that such conversion will cost a fee.
- Pay for transaction charges on the DNotes network.
To send value on the DNotes network, you will be required to pay a small charge for supporting the miners in the network. Note that the cost is very small because transactions are peer2peer and there is no centralized party involved. Besides, the fee is the same whether you are sending funds to a different continent or the next city.
- Use DNotes to save funds anonymously.
If you have funds in a bank account, the chances are that a lot of people know about it. However, DNotes allows users to buy the native coins and save their funds anonymously. The good thing with DNotes is that the coins can gain value and deliver significant ROI (return on investment) over time.
Note that the returns you can make using from investing in buying and holding DNotes coins will depend on the market forces of demand and supply. Therefore, it is important to evaluate the market forces carefully and also appreciate that the price can move to the negative side.
- The DNotes coins can be used for trading in the digital coins markets.
Do you like digital trading assets in the markets? DNotes is one of the cryptocurrencies that you can opt to trade in the markets and expect good returns. Here, you only need to identify an exchange that lists DNotes, open a trading account, and select a desirable trading pair.
To trade in most of the exchanges, you will also be charged a fee for trading in these markets. It is important to factor this transaction fee and also ensure to pick a secure platform before starting to trade.
- Use DNotes coins to pay for government services such as taxes.
For countries or jurisdictions that support digital currencies, it might be possible to pay with DNotes. A good example is the US state of Arizona. In April 2018, Arizona passed HB 1091 that allows the tax department to accept payment in digital currencies.
https://dnotescoin.com/the-dnotes-story-an-unfolding-big-bold-idea-of-global-scale/
https://dnotesglobal.com/white-paper/